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An internally generated cost index is used to convert

On January 1, 2011, Avondale Lumber adopted the dollar-value LIFO inventory method. The inventory value for its one inventory pool on this date was $260,000. An internally generated cost index is used to convert ending inventory to base year. Year-end inventories at year-end costs and cost indexes for its one inventory pool were as follows:

1233_254-B-A-V-I (733).png

Required:

Calculate inventory amounts at the end of each year.

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Accounting Basics: An internally generated cost index is used to convert

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Accounting Basics: An internally generated cost index is used to convert

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